Citigroup: Alibaba-W (09988.HK) rating maintained as "Buy" with a target price of HK$165.

According to the Wise Finance APP, Citigroup released a research report stating that Alibaba-W (09988.HK) saw a 12% year-on-year increase in Customer Management Revenue (CMR) in the fourth quarter of the 2025 fiscal year, and Taotian Group's EBITA increased by 8%, surpassing expectations. However, cloud revenue increased by 18% year-on-year and cloud profit margin increased by 8%, although in line with the bank's forecast, fell short of market expectations. The bank maintains its target price for Alibaba H shares at HK$165, reiterating a "buy" rating, and believes that the group represents China's artificial intelligence and macroeconomic rebound.